"The modern trend in chapter 11 is to liquidate the business as a going concern through a sale under section 363. This is particularly true in cases where the primary secured lender’s debt exceeds the value of the business.
Asset Sales Committee
Committees
"Most observers are familiar with the old aphorism that “there is law and there is asbestos law”—the notion being that legal protections for defendants were stripped away over time by both Federal and state courts attempting to deal with asbestos litigation.
This article is the first in a series about how bankruptcy trustees and advisors can create cash from assets that have traditionally been difficult to monetize. This installment focuses on generating cash from both highly-aged and previously written-off commercial receivables.
The sale of a debtor's assets outside of a confirmed plan of reorganization is accomplished pursuant to §363(b) of the Bankruptcy Code.
This case study discusses Wellington Leisure Products Inc. (WLP) (seller), a consumer products manufacturer with diverse product lines: cordage (rope), both commercial and retail; PDFs - life vests; pool toys; patio furniture (wood furniture, umbrellas, and replacement cushions); and hunting products (deer hunting scents/lures).
The Asset Sales Committee had a very lively session at the 15th Annual Winter Leadership Conference held on Dec. 4-6, 2003 in beautiful La Quinta, Calif. The first half of the session was devoted to a discussion of intellectual property issues in bankruptcy asset sales.
Ms. Leyza Florin Blanco
Co-Chair
Sequor Law
Miami, FL
(305) 372-8282
Co-Chair
Sequor Law
Miami, FL
(305) 372-8282
Mr. Matthew J. LoCascio
Co-Chair
SC&H Capital
Ellicott City, MD
(443) 951-4846
Co-Chair
SC&H Capital
Ellicott City, MD
(443) 951-4846
Mr. Steven L. Victor
Communications Manager
Development Specialists, Inc.
Chicago, IL
(312) 263-4141
Communications Manager
Development Specialists, Inc.
Chicago, IL
(312) 263-4141
Ms. Randye B. Soref
Education Director
Polsinelli
Los Angeles, CA
(310) 556-1801
Education Director
Polsinelli
Los Angeles, CA
(310) 556-1801
Mr. Christopher M. Candon
Membership Relations Director
Sheehan Phinney
Manchester, NH
(603) 627-8168
Membership Relations Director
Sheehan Phinney
Manchester, NH
(603) 627-8168
Ms. Jane Kim
Newsletter Editor
Keller Benvenutti Kim LLP
San Francisco, CA
(415) 364-6793
Newsletter Editor
Keller Benvenutti Kim LLP
San Francisco, CA
(415) 364-6793
Mr. William Hao
Special Projects Leader
Alston & Bird LLP
New York, NY
(212) 210-9417
Special Projects Leader
Alston & Bird LLP
New York, NY
(212) 210-9417